Cipher Digital (CIFR) Q2 2026 earnings summary

Executive summary

• Delivered first data center capacity at Black Pearl ahead of schedule, with rent commencing immediately in August 2026, strengthening credibility and supporting future financing.

• Secured an option for a new 900 MW Apollo site near San Antonio, Texas, expanding the development pipeline to 5.3 GW across 11 sites.

• Completed a bond offering for Stingray at a 6% coupon, 8x oversubscribed, fully funding the project and reimbursing $56.7 million in prior expenditures.

• Barber Lake and Stingray data centers progressing on schedule, with tenants beginning beneficial use and construction milestones achieved.

• Continued investment in team expertise, including key hires from ERCOT and Google to support execution and growth.

Financial highlights

• Q2 2026 revenue was $24.8 million, down from $43.6 million in Q2 2025, reflecting the transition from Bitcoin mining to contracted data center revenue.

• Net loss for Q2 2026 was $267.5 million ($0.65 per diluted share), compared to $45.8 million in Q2 2025, mainly due to a $150.5 million non-cash warrant remeasurement loss.

• Adjusted EBITDA for Q2 2026 was negative $30 million, compared to positive $32.3 million in Q2 2025.

• Cash and cash equivalents stood at $831.8 million as of June 30, 2026, up from $628.3 million at year-end 2025.

• Compensation and benefits increased significantly year-over-year, driven by higher stock-based compensation and payroll taxes.

Outlook and guidance

• Management expects to meet operating and capital requirements for at least 12 months, with no additional equity required for near-term commitments.

• Expect to lease all available 477 MW at Odessa, Reveille, and Ulysses, with potential for accelerated timelines at sites with behind-the-meter generation.

• Average contracted annualized NOI projected at ~$793 million from October 2026 to September 2036.

• Pipeline grid capacity expected to reach 5.3 GW by 2030+ across 11 sites.

• Focus remains on developing and leasing HPC data centers, expanding the site pipeline, and monetizing power assets.